1 year ago
Hardware-based cryptocurrency wallet supplier Ledger has experienced immoderate issues owed to monolithic outflows from crypto exchanges amid the FTX bloodbath, according to its main exertion officer.
Ledger saw a “massive usage” of their platforms and suffered a “few scalability challenges” connected Nov. 9, Ledger CTO Charles Guillemet reported successful a connection connected Twitter.
Guillemet reasoned Ledger’s issues by the outcomes of the ongoing situation of a large planetary cryptocurrency exchange, FTX. The CTO said that crypto investors person been progressively offloading their holdings from crypto exchanges to Ledger, stating:
“After the FTX earthquake, there's a monolithic outflow from exchanges to Ledger information and aforesaid sovereignty solutions.”According to Guillemet, Ledger should person resolved the outages arsenic of 5:30 americium UTC.
Ledger archetypal reported the wallet issues connected Nov. 9 astatine astir 11:00 p.m. UTC, officially announcing that its hardware wallet interface exertion Ledger Live was experiencing downgraded server performance.
“Specific issues whitethorn vary, including connecting to the My Ledger tab and performing a Genuine Check,” Ledger said successful a tweet, adding that the client’s assets were safe.
The hard wallet institution subsequently took to Twitter to announce that it fixed the server outage successful astir 1 hr aft detecting the issue. “Our server outage has been resolved and each systems are operational,” Ledger said, adding that their server outage was resolved and each systems were operational.
Previously, Ledger Support besides announced that it besides temporarily paused FTX and FTX.US swaps connected Ledger Live. Ledger launched the swap integration with FTX successful July 2022.
According to Ledger's Twitter thread, the outages caused immoderate users to beryllium incapable to nonstop immoderate transactions utilizing Ledger Live, including withdrawals.
The crypto assemblage was speedy to respond to the issues contempt galore staying assured astir Ledger’s operations amid the larger marketplace issues. Some manufacture observers criticized Ledger for choosing the incorrect wording to pass with their customers amid the ongoing issues astatine FTX. People seemingly got triggered by Ledger’s wording “assets are safe” arsenic FTX laminitis Sam Bankman-Fried made a akin connection connected Twitter connected Nov. 7, only to delete it a time after.
“FTX is fine. Assets are fine,” Bankman-Fried declared successful his tweet, conscionable hours earlier the speech stopped each crypto withdrawals aft becoming incapable to process specified transactions.
It appears to beryllium unclear whether the latest issues connected Ledger Live were the archetypal clip for the level to acquisition issues of specified a scale. The steadfast did not instantly respond to Cointelegraph’s petition for comment.
Related: FTX and Binance’s ongoing saga: Everything that’s happened until now
The situation of FTX is by nary means the archetypal incidental that mightiness person triggered crypto users to deliberation astir moving their assets to acold retention to amended support their funds. The conception of hardware oregon acold wallets has been growing progressively fashionable this year, arsenic large centralized crypto exchanges bounds entree to funds of immoderate users implicit assorted types of issues.
A large rival acold wallet provider, Trezor, has not recorded immoderate issues owed to the FTX issues truthful far, Trezor enforcement Josef Tětek told Cointelegraph. "The lone mode to debar these monolithic blow-ups is to recognize self-custody arsenic a necessity," the exec stated. "Not an option; a existent necessity," helium emphasized.
Despite aforesaid custody being associated with its ain acceptable of risks, galore crypto people, including Tether and Bitfinex CTO Paolo Ardoino, still urge users “always to aforesaid custody successful acold storage” if they privation to clasp their Bitcoin (BTC) and crypto.
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